An overview of the day ahead and objectives for the program.

Based on a large scale empirical study, we document the link between Economic Policy Uncertainty and PE returns. This allows us to show that we have to expect further delays in exit activity and downward pressure on returns for deals currently in the portfolio. Contrary to what one would expect, current high levels of EPU might not necessarily lead to lower returns and higher duration for deals done “today”, but instead may create opportunities for deals with high returns and shorter duration. Returns will depend (to an even greater) extent on the skill of the GP, as there seems to be a stable skill that some GPs possess (and others do not) to handle Policy Uncertainty well / take advantage of opportunities created by Policy Uncertainty.

Over 4 billion people went to the polls last year. Private markets investors were told it was a year of “wait and see”, as deals, fundraising and IPOs were put on ice. Fast forward to 2025 and the US election result has had a similar effect on markets. With so much about America’s new role in the world still unclear, should we accept the world is entering a permanent “wait and see” mode?

• How do you take long-term investment decisions in a relentless state of breaking news?
• Can you embed both conviction and agility in asset allocation and portfolio construction?
• What impact does geopolitics really have - and are private markets really better at trading through the volatility?

At no time in history have private equity distributions been this low, for this long. Whilst continuation vehicles, NAV finance and evergreen funds are all playing their part to pick up some of the slack, are these more permanent fixtures in a new distribution model?

It’s three years since rising interest rates marked a new chapter for private markets. This research will examine the returns profile across private asset classes and strategies - and consider the outlook.

Institutional investors seem to have reached some limits in terms of allocation to private equity. Regulated entities have threshold to comply with. Denominator effects have to be handled more proactively when allocations are teetering with limits.

• Is traditional approach still fit-for-purpose?
• Should LPs take a different approach?
• Where does this journey end?

Whilst fund terms are crucial to get right, their standards continue to evolve.

• What is worth prioritising (and what’s not), what are the trends and where should negotiation efforts be focussed?
• Where is the balance of power in the LP-GP relationship currently?
• What points do LPs see a crucial in ensuring alignment? Discuss how negotiations on these points have gone.

The GP universe is larger than it has ever been, and is continually expanding. In tandem, competition to get into sought-after funds is fierce, as capital constrained LPs look to prioritise the few commitments they can make. This session will explore best practices, including some of the new technologies that can support decision-making.

Sessions

• Research (30mins): A in-depth presentation looking at the topic. 15mins presentation + 15mins Q&A
• “Our journey” (30mins): An LP shares how they approach the topic, including challenges and success stories that others can learn from. 15mins presentation + 15mins Q&A

As distributions faltered, innovation in the secondaries market has been a saving grace for DPI. The market looks set to grow, driven by paralysed exit markets and growth of continuation vehicles. These sessions consider how LPs should think about the various parts of their liquidity tookit.

Sessions

• 11.30 - 12.00 Putting Private Equity Performance in Perspective -Yann Robard, Dawson Partners
• 12.00 - 12.30 Managing end-of-life and troubled funds in portfolios - Sheila Lynch, Cork Gully & James O'Donnell, Gibson Dunn

Enhancing alignment of interests between GPs and LPs remains a hotly debated topic, with concerns over erosion of fiduciary duty and increasing conflicts of interest frequently cited. These sessions go deeper into how LPs can successfully navigate these discussions to ensure positive manager relationships.

Sessions

• Research (30mins): A in-depth presentation looking at the topic. 15mins presentation + 15mins Q&A
• “Our journey” (30mins): An LP shares how they approach the topic, including challenges and success stories that others can learn from. 15mins presentation + 15mins Q&A

Traditional LPACs offer limited opportunities to consult with other investors in the same fund. In the absence of an official forum, how can LPs build consensus on key issues?

A panel of LPs consider how they could use their bargaining power both individually and as a group.

• Co-invest rights
• Economics and GP commitments
• Recycling practices that benefit LPs

The rise of private wealth as a source of capital could be teeing up a new wave of conflicts between LPs and GPs. What are the considerations when retail capital is invested alongside institutional capital within the same fund?

Co-investments - Building Strategic Partnerships

Addressing how institutions identify and evaluate co-investment opportunities through manager relationships. Topics include access mechanisms, underwriting requirements, speed of execution, and risk management. Shared experiences and lessons learned will illustrate the evolving role of trust, alignment, and internal capability building. (15mins presentation + 30mins discussion in roundtable format + 15mins feedback - facilitated by the moderator)

14:00 - 14:30
"Our Journey"
Wadih Manneh 
A case study showing challenges and success stories that others can learn from.

14:30 - 15:00
Friend or foe - how to evaluate NAV financing of private capital funds
Matt Hansford
Although not new, NAV financing is gaining traction in a market for slow distributions. What factors should LPs be considering when a GP plans to use this type of financing? How does it change the risk profile of the portfolio? When is the strategy an attractive private debt investment?

Case study

A theoretical scenario is put to the room by the facilitator, with discussions between participants on what approach they’d take. 15mins presentation + 30mins discussion + 15mins feedback.

Private markets' assets under management have grown at a CAGR of ca. 15% since 2000. The result is an expansion of investment strategies that provide deeper pools of equity and debt capital which may have traditionally come from public markets. In tandem, the industry has embarked on a journey towards more liquid structures, blurring the lines between the traditional 60/40 approach to asset allocation.

• Will private markets replace listed ones as the central place of financial markets and economies?
• Given the increased space taken by private markets in asset allocations, does it still make sense to separate public and private?
• If yes, why? If not, how to integrate these two worlds into a comprehensive asset allocation?

GPs are managing materially larger portfolios and holding assets longer than ever before. With exit markets constrained, GPs are pursuing a broad range of alternatives to exit assets, generate liquidity and raise mid-fund life capital for their trophy portfolio companies. We will explore the factors driving this extraordinary market growth, how to access this asset class and comparing the growing range of GP-led secondary deal structures and opportunities.

In this session, we will unveil the first-ever global league table of private fund managers ranked by alpha performance. Leveraging a robust methodology and data-driven research, this analysis offers a transparent and standardised comparison of fund and manager performance, shedding light on true value creation in private markets.

Key highlights:

• Take a look at the methodology where we will explain how we calculate total alpha using the infra300 index to isolate a fund’s true performance after accounting for risk.
• Discover the largest alpha-generating fund in each vintage year and its manager.
• See which managers with more than three funds in their track record rank highest by median alpha.
• Find out which managers consistently generate alpha across multiple funds and vintages.
• Learn how these rankings help LPs make informed investment decisions and allow GPs to demonstrate their competitive edge.

Presentation

Presentation by Kledge Capital

With the growth of GP-led secondaries, which formed 12% of all PE exits in 2024 and 15% in the first half of 2025, LPs face an unprecedented number of sell/roll decisions. Given other priorities and the complexity of due diligence, investors face potentially missing out on attractive deals or retaining exposure to assets that have limited further upside. In this session we will explore strategic approaches to triaging these opportunities to unlock value and add alpha to LP’s portfolios.

Private debt is a clear growth engine in private markets, with no sign of slowing up. Yet this rapid expansion requires more sophisticated asset allocation frameworks, as LPs seek to understand the diversification and risk/return opportunities. What’s the right approach?

Presentation

Climate risks remain underpriced across real asset markets. Integrating both physical and transition risks into expected and required return models is essential to reflect the true impact of climate change. By comparing valuations with and without climate integration, investors uncover which sectors—across infrastructure, natural capital, and real estate—offer the most resilient and attractive opportunities.

Private assets offer diversification benefits and potential for enhanced returns in multi-asset portfolios. However, integrating them into liquid portfolios presents practical challenges, including performance measurement, liquidity management, and capital planning. This session provides a practical framework for sizing private assets within a global allocation and designing tailored pacing strategies to help institutional investors incorporate private assets effectively and achieve long-term objectives.

Key takeaways of the day

Key takeaways from the day.